The municipal market was slightly firmer yesterday. Traders said tax-exempt yields were lower by one or two basis points overall, with more pronounced gains on the long end of the curve."We're a bit firmer, but it's quiet," a trader in New York said. "We're definitely picking up a basis point or two, mostly on the long end. But there's not a ton of trading, and there probably won't be until after the weekend."

"There's not a whole lot going on, but we're a little bit firmer," a trader in San Francisco said. "We're maybe even three, four basis points better out long. But overall, it's quiet, and there's not a ton of movement. Probably two basis points overall if I had to put a number on it."

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